NMDC to form 50:50 joint venture with South African firm

State-owned mining major NMDC is pinning hopes on major opportunities coming its way in South Africa, following its agreement with Kopano Ke Malta, a company promoted by the Congress of South African Trade Unions (Cosatu).

Kopano and NMDC will form a 50:50 joint venture (JV) and NMDC would nominate its members to the board of the JV. Commencement of field operations would depend on the allocation of resources by Kopano. Though it is difficult to say when the operations would begin, the agreement provides for 50:50 role in terms of investments and sharing of benefits.